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Annual Report

Future legal structure of the Group

On November 10, 2010, the family shareholders of Porsche Holding Gesellschaft mbH, Salzburg, exercised the right granted to them within the framework of the Comprehensive Agreement on the creation of an integrated automotive group consisting of Volkswagen and Porsche to sell the operating business of Porsche Holding Salzburg to Volkswagen. The shares are expected to be transferred in the course of the first half of 2011, at the latest on September 30, 2011, for a price of €3.3 billion, which is fixed in the Comprehensive Agreement.

The acquisition is a considerable enhancement of Volkswagen’s own sales activities. Porsche Holding Gesellschaft mbH is one of the most successful private automobile trading companies in Europe, with a strong presence in particular in Austria, the rest of Western Europe and Southeast Europe, as well as in China. It will continue to be maintained as a business unit with its own successful business model and all of its divisions and brands.

In a final step towards creating an integrated automotive group, Volkswagen and Porsche are continuing to strive to combine Porsche Automobil Holding SE with Volkswagen AG. A condition for the merger is that the legal and tax aspects relating to the combination can be resolved and that the Annual General Meetings of both companies grant the necessary approval.

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